The price action is setting up for a renewed bullish move up. Our entry rule must be met in order to go long. The rule is: the price must trade at or above the 'A' value line of 17850 for at least half the Opening Range of 30 minutes. So, if in 15 minutes the price completes this action, we can go long. Then place stop loss at the Opening Range low of 17734. Stay tuned. If the price holds support above the Pivot Range (blue dots) the rally could ensue, and to new highs.
Comment:
Long we go! The setup is intact and the rule is met to buy. Hang on to your pants.
Comment:
When you hit a major psychological level like 20,000 there is a high probability it will fail and correct to the downside. This is exactly what happened.
The lesson is to some action:
1. trail stops or
2. take some profit and trail stops or
3. exit entire position and go short for reversal trade or
4. exit entire position and wait for a breakout to new highs usinig entry rules
The lesson is to some action:
1. trail stops or
2. take some profit and trail stops or
3. exit entire position and go short for reversal trade or
4. exit entire position and wait for a breakout to new highs usinig entry rules